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Mortgage Notes Payable
 12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Mortgage Notes Payable Mortgage Notes Payable:
Mortgage notes payable at December 31, 2019 and 2018 consist of the following:
 Carrying Amounts of Mortgage Notes(1)Effective Interest
Rate(2)		Monthly
Debt
Service(3)		Maturity
Date(4)
Property Pledged as Collateral20192018
Chandler Fashion Center(5)(6)$255,174  $199,972  4.18 %$875  2024
Danbury Fair Mall194,718  202,158  5.53 %1,538  2020
Fashion Outlets of Chicago(7)299,112  199,622  4.61 %1,145  2031
Fashion Outlets of Niagara Falls USA(8)106,398  109,651  4.89 %727  2020
Freehold Raceway Mall(5)398,379  398,212  3.94 %1,300  2029
Fresno Fashion Fair323,659  323,460  3.67 %971  2026
Green Acres Commons(9)128,926  128,006  4.40 %416  2021
Green Acres Mall277,747  284,686  3.61 %1,447  2021
Kings Plaza Shopping Center(10)535,097  437,120  3.71 %1,629  2030
Oaks, The187,142  192,037  4.14 %1,064  2022
Pacific View118,202  121,362  4.08 %668  2022
Queens Center600,000  600,000  3.49 %1,744  2025
Santa Monica Place(11)297,817  297,069  3.34 %772  2022
SanTan Village Regional Center(12)219,140  121,585  4.34 %788  2029
Towne Mall20,284  20,733  4.48 %117  2022
Tucson La Encantada63,682  65,361  4.23 %368  2022
Victor Valley, Mall of114,733  114,675  4.00 %380  2024
Vintage Faire Mall252,389  258,207  3.55 %1,256  2026
$4,392,599  $4,073,916     

(1)The mortgage notes payable balances also include unamortized deferred finance costs that are amortized into interest expense over the remaining term of the related debt in a manner that approximates the effective interest method. Unamortized deferred finance costs were $16,042 and $13,053 at December 31, 2019 and 2018, respectively.
(2)The interest rate disclosed represents the effective interest rate, including the impact of debt premium and deferred finance costs.
(3)The monthly debt service represents the payment of principal and interest.
(4)The maturity date assumes that all extension options are fully exercised and that the Company does not opt to refinance the debt prior to these dates. These extension options are at the Company's discretion, subject to certain conditions, which the Company believes will be met.
(5)A 49.9% interest in the loan has been assumed by a third party in connection with the Company's joint venture in Chandler Freehold (See Note 12—Financing Arrangement).
(6)On June 27, 2019, the Company replaced the existing loan on the property with a new $256,000 loan that bears interest at an effective rate of 4.18% and matures on July 5, 2024.
(7)On January 10, 2019, the Company replaced the existing loan on the property with a new $300,000 loan that bears interest at an effective rate of 4.61% and matures on February 1, 2031.
(8)The loan includes an unamortized debt premium of $773 and $1,701 at December 31, 2019 and 2018, respectively. The debt premiums represent the excess of the fair value of the loan over the principal value of the loan assumed at acquisition and is amortized into interest expense over the remaining term of the loan in a manner that approximates the effective interest method.
(9)The loan bears interest at LIBOR plus 2.15%. At December 31, 2019 and 2018, the total interest rate was 4.40% and 5.06%, respectively.
(10)On December 3, 2019, the Company replaced the existing loan on the property with a new $540,000 loan that bears interest at an effective rate of 3.71% and matures on January 1, 2030 .
(11)The loan bears interest at LIBOR plus 1.35%. The loan is covered by an interest rate cap agreement that effectively prevents LIBOR from exceeding 4.0% during the period ending December 9, 2021 (See Note 5—Derivative Instruments and Hedging Activities). At December 31, 2019 and 2018, the total interest rate was 3.34% and 4.01%, respectively.
(12)On June 3, 2019, the Company’s joint venture in SanTan Village Regional Center replaced the existing loan on the property with a new $220,000 loan that bear interest at an effective rate of 4.34% and matures on July 1, 2029.
Most of the mortgage loan agreements contain a prepayment penalty provision for the early extinguishment of the debt.
As of December 31, 2019, all of the Company's mortgage notes payable are secured by the properties on which they are placed and are non-recourse to the Company.
The Company expects all loan maturities during the next twelve months will be refinanced, restructured, and/or paid off from the Company's line of credit or with cash on hand.
Total interest expense capitalized during the years ended December 31, 2019, 2018 and 2017 was $9,614, $15,422 and $13,160, respectively.
The estimated fair value (Level 2 measurement) of mortgage notes payable at December 31, 2019 and 2018 was $4,427,790 and $4,082,448, respectively, based on current interest rates for comparable loans. Fair value was determined using a present value model and an interest rate that included a credit value adjustment based on the estimated value of the property that serves as collateral for the underlying debt.
The future maturities of mortgage notes payable are as follows:
Year Ending December 31,
2020$325,133  
2021418,239  
2022674,340  
20236,895  
2024378,120  
Thereafter2,605,141  
4,407,868  
Debt premium773  
Deferred finance cost, net(16,042) 
$4,392,599  
The future maturities reflected above reflect the extension options that the Company believes will be exercised.